NU Online News Service, May 31, 3:16 p.m. EDT
As the U.S. prepares for what forecasters say will be another above-average hurricane season, Fitch Ratings says first-quarter global catastrophes and the spring tornadoes have already exhausted many reinsurers' 2011 catastrophe budgets.
In a report on the 2011 hurricane season, Fitch says insurers and reinsurers could face rating actions in the event of hurricane losses depending on the size of the loss relative to capital, options pursued to replenish capital and underwriting prospects going forward.
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